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Blogs, Income Tax Help, Income Tax Learning, Income Tax Updates

Due Date for ITR Fillings

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April 23, 2018

- Blogs, Income Tax Help, Income Tax Learning, Income Tax Updates

 Many of us wait till the last moment before springing into action to file our ITR’s, be it a habit, fear or expertise. Either we are unaware of the deadlines set by IT department or unable to make time before such deadline. Non adherence of Due Date for ITR Filing  in any case, can attract repercussions from the Income Tax department. Therefore for your reference, we will let you know the various provisions of due date.As per Income Tax Law, there are different categories of assessees viz. Individual, HUF, Firm,SEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Updates

Income Tax Rebate Under Section 87A

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April 14, 2018

- Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Updates

 As a taxpayer we always feel burdened with tax payments:(Empathising with your situation, government came up with Rebate u/s 87A in Budget 2013, to reduce the burden of taxes. Let’s understand how you can take advantage of income tax rebate under section 87A in simple language!What is Rebate under section 87A of the income tax?Rebate u/s 87A provides exemption on tax payment to a RESIDENT INDIVIDUAL. As per this provision, if an individual’s taxable income is upto Rs. 3.5 lakhs then he will get the benefit of Rs. 2500 orSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Updates

Fees for Delay in Filing Income Tax Return u/s 234F

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April 9, 2018

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In the wake of increasing the tax payers base multifold and ensure a strong control over compliance in the country. The income tax department has been putting lot of efforts for last couple of years by constantly spreading the awareness on a mass scale via different mediums like TV, radio, newspaper ads, social media etc.,“Listening to radio ads for 5-6 times of income tax department while on the way to your office was not common at all 2-3 years back and on social media too the department is active likeSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Updates

Missed filing income tax return for FY 2015-2016 & FY 2016-2017

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April 8, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Updates

We come across a lot of people, some are always late for everything and some are bang on time. Laziness, unawareness or busy schedule whatever the reason maybe if you are one of those defaulters who missed the last date (March 31, 2018) to file income tax returns (ITR) for the financial year 2015-16 and 2016-17, you cannot file a belated return anymore. But, if you are reading this blog you have most probably missed the deadline and want to find whether there is still any Chance.Things that can be doneSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Updates

ITR forms for AY 2018-19 (FY 2017-18)

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April 7, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Updates

 What marks the beginning of filing income tax return is issuance of ITR forms by the tax department. ITR forms are issued yearly for respective assessment years. The fiscal year 2017-18 has recently been closed, the return for which will be filed till 31st July or 30th Sep 2018. These due dates are the last dates to file return of income. In case you love to be proactive, returns can be filed soon after 1st April following the FY. (provided tax department has released the ITR forms). It’s time toSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

How To Check If My ITR Is Filed With Income Tax Department

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April 1, 2018

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Income tax return filing, this one term has so much embedded in it. There are a series of activities which take place after filing ITR. The return shall be submitted, verified and processed. How to be sure that the return you filed has actually reached to the Income Tax Department?Being income tax filers we all have fear and anxiety to know our ITR status. The return status can be checked online by making a login to https://www.incometaxindiaefiling.gov.in/homeThereafter you have two routes to check your Income Tax Return status1. Directly throughSEE DETAILS

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Blogs, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

Is It Mandatory to file Income Tax Return?

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March 30, 2018

- Blogs, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

 The question whether filing ITR is mandatory, depends on a number of factors like income, age, residence etc. Even if a person does’t fall in these categories he can still file ITR to enjoy many benefits.  Such as getting refunds, applying for loans, applying for tenders, startup funding etc. Before going further into the details lets understand the importance and meaning of filing ITR.What is filing Income Tax Return?ITR is a statement of an individual’s annual gross income earned across different sources, his tax liabilities, taxes paid and refunds (ifSEE DETAILS

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Blogs, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

Charging Interest u/s 234B and 234C in your ITR

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March 29, 2018

- Blogs, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

 While checking the acknowledgement of your ITR filed, you might have sometime witnessed interest u/s 234B and 234C. Looking at it you are left confused and find hard to interpret the reason of such levy. We help you grasp all about, why such amount is charged in your income tax return.What is 234B and 234C?234B and 234C are interest sections which relate to payment of advance taxes. What is advance tax?Any taxpayer having total taxes due in a year exceeding Rs.10,000/- is required to pay such amount in installments toSEE DETAILS

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Income Tax Return For Pensioners Simplified

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March 28, 2018

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 It was time of month again, when pension will be credited to Mr Sharma’s account. While being delighted of the thought…suddenly he realised, he skipped filing ITR for AY 2016-17 and AY 2017-18. And, the last date of filing has approached quite close (i.e. 31st March 2018). Mr. Sharma didn’t forgot to file his return by the due date, rather, he kept on delaying because he was unsure about the manner one should file Income Tax Return for Pension Earners.. Through this blog post we try to help Mr. SharmaSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning

Is NRI having Interest income from NRO account required to file Income Tax Return in India?

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March 26, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning

 NRI comes with a bundle of increased responsibilities. You need to comply with both Indian and international taxation laws. After leaving India, many people do not have any income source in India other than Interest Income from NRO account. The next question that comes to one’s mind is “Is NRI having Interest income from NRO account required to file income tax return in India?” Well, the answer to this question is both yes and no. Let’s discuss in detail..Our discussion will be sub-categorised into sequential series of questionnaire, namely,Who isSEE DETAILS

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